BTC, ETH Steady Ahead Of Inflation Data Release
By Laxmikant Khanvilkar
Virtual digital assets (VDA) were largely treading water ahead of June inflation data release, which will help investors ascertain Federal Reserve monetary stance going forward. That’s important for determining liquidity flow, analysts said.
Over the last 24-hours, VDAs witnessed a steady price movement, encountering slightly more long liquidations than short liquidations.
Bitcoin (BTC), the largest cryptocurrency by market capitalisation, continues to trade in a narrow range. The oldest cryptocurrency was recently trading at $30,561.75, up 0.51%.
Ethereum, the second largest cryptocurrency, still struggles to cross the $1,900 mark. It last quoted 0.02% lower at $1,878.59.
Other major cryptos were largely firm or maintained a positive stance including Solana’s SOL, Decntraland native token MANA and Caradano’s ADA, rising more than 3.7% and 2%, respectively.
The global crypto market cap edged 0.21% up to $1.19 tn, over the last 24-hours. On the other hand, the total crypto market volume dropped 17.70% to $26.96 bn. The total volume in DeFi is currently $2.09 bn and all stablecoins is now $24.64 bn, representing 7.73% and 91.39% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 49.94%, an increase of 0.06% over the day.
IC15 index, the barometer of top fifteen tokens, gained 0.37% to 40,438.
Meanwhile, analysts expect a recovery in BTC prices in the fourth quarter, but a full bull market might not materialize until 2024, which will be contingent upon the cessation of rate hikes, BTC halving and the resolution of regulatory storms. However, few analysts distance themselves from the recent Standard Chartered report that suggests bitcoin will hit $120,000 by the end of next year. It remains a lofty prediction. Analysts may differ on price forecasts but one thing they agree upon is the bull market on the horizon for 2024.
You need to login in order to Like
